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Notice Concerning Completion of Asset Acquisition

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Notice Concerning Completion of Asset Acquisition April 20, 2016 For Immediate Release Real Estate Investment Trust Securities Issuer Star Asia Investment Corporation Representative: Atsushi Kato, Executive Director (Code: 3468) Asset Management Company Star Asia Investment Management Co., Ltd. Representative: Atsushi Kato President and CEO Contact: Toru Sugihara Director and CFO TEL: 03-5425-1340 Notice Concerning Completion of Asset Acquisition Star Asia Investment Corporation (“SAR”) announces that it today completed acquisition of the following 7 properties (the “Acquired Assets”) as stated in the securities registration statement submitted on March 16, 2016, as described below. 1. Overview of acquisition Prope rty Acquisition price Type no. Property name Location (mn yen) (Note 2) (Note 1 ) Office OFC-04 Nishi-Shinjuku Matsuya Shibuya-ku, Tokyo 1,763 Building Office OFC-05 Alphabet Seven Minato-ku, Tokyo 1,725 Office OFC-06 Shibuya MK Building Shibuya-ku, Tokyo 2,042 Office OFC-07 Hakata-eki Higashi 113 Hakata-ku, Fukuoka-shi, 1,885 Building Fukuoka Office OFC-08 Asahi Building Kanagawa-ku, Yokohama- 6,320 shi, Kanagawa Residential RSC-04 Urban Park Shin-Yokohama Kohoku-ku, Yokohama- 2,528 property shi, Kanagawa Residential RSC-05 Urban Park Namba Naniwa-ku, Osaka-shi, 1,490 property Osaka Total (7 properties) 17,753 (Note 1) Please refer to “2. Description of Acquired Assets” below, for “Property no.” (Note 2) ”Acquisition price” indicates the sale and purchase price stated in the sale and purchase agreement for the acquired asset, rounded to the nearest million yen. The sale and purchase price does not include consumption tax, local consumption tax and various expenses required for the acquisition. (1) Contract date : Please refer to “2. Description of Acquired Assets” below. (2) Acquisition date : April 20, 2016 (delivery and settlement date) (3) Sellers : Please refer to “3. Seller profile” later in this document. (4) Acquisition financing : Proceeds from the issuance of new investment units for which resolution was made at the Board of Directors meeting of SAR held on March 16, 2016, April 1, 2016 and April 11, 2016 (5) Settlement method :Payment of entire amount on acquisition date 2. Description of Acquired Assets Overview of Acquired Assets is shown in the tables (1)-(7) below. A glossary of the terms used in the tables is Disclaimer: This document is an English translation of a press release for public announcement concerning completion of asset acquisition by Star Asia Investment Corporation, and has not been prepared for the purpose of solicitation of investment. 1 provided below. a. Explanation on “Property no.” and “Type” The Acquired Assets are categorized into office building (OFC), retail property (RTL), residential property (RSC), logistics property (LGC) and hotel (HTL) in accordance with its use and indicated as such in “Type.” “Property no.” is the number given to each property by category. When a property is a mixed-use facility with multiple uses, it is categorized into the use for which the property’s total assumed rent revenue by use is the greatest. b. Explanation on “Overview of specified asset” ・ “Acquisition price” is the sale and purchase price stated in the sale and purchase agreement for the Acquired Asset (excluding consumption tax, local consumption tax and various expenses required for the acquisition), rounded to the nearest million yen. ・ “Date of conclusion of sales and purchase agreement” is the date on which SAR concluded the sale and purchase agreement. ・ “Location” is the lot number stated in the real estate registry. “Indication of residential address” is the indication of residential address. In cases where there is no indication of residential address, it is the building location in the real estate registry (if several, then one of the locations). ・ Explanation on “Land” (i) “Type of ownership” is the type of right held by the trustee of the Acquired Asset. (ii) “Site area” is the land area stated in the real estate registry and may differ from the present state. (iii) “Use district” is the type of use district listed in Article 8, Paragraph 1, Item 1 of the City Planning Act. (iv) “Building coverage ratio” and “Floor area ratio” are the figures provided in accordance with related laws and regulations, such as the Building Standards Act and the City Planning Act. ・ Explanation on “Building" (i) “Type of ownership” is the type of right held by the trustee of the Acquired Asset. (ii) “Total floor area” is the total floor area stated in the real estate registry and may differ from the present state. (iii) “Use” is the major type of building out of types stated in the real estate registry and may differ from the present state. (iv) “Construction completion” is the date of new construction stated in the real estate registry for the main building. (v) “Structure and floors” is the structure stated in the real estate registry for the main building and may differ from the present state. ・ “Property Management company” is the property management company which is entrusted with property management. ・ “Master lease company” is the master lease company which is entrusted with master leasing. c. Explanation on “Status of leasing” ・ “Total leasable area” is the total floor area of the portions of buildings of each Acquired Asset which are regarded as being available for leasing (including the area of co-owned portions, etc. if such is leased) and does not include parking or the leasable area of land for other use. Since Total leasable area is not the area stated in the real estate registry but the area calculated on the area stated in the lease agreement or building drawing, etc., thus is not necessarily the same as the total floor area in the real estate registry. The figures are based on the information as of the end of November 2015, which was provided by the previous owners of the Acquired Assets. ・ “Total leased area” is the leased floor area indicated in the lease agreement for each Acquired Asset as of the end of November 2015, out of the leasable area, and does not include parking or the leased area of land for other use. The figures are based on the information as of the end of November 2015, Disclaimer: This document is an English translation of a press release for public announcement concerning completion of asset acquisition by Star Asia Investment Corporation, and has not been prepared for the purpose of solicitation of investment. 2 which was provided by the previous owners of the Acquired Assets. ・ “Occupancy rate” is the ratio of the total leased area to total leasable area for each Acquired Asset, rounded to the first decimal place. The figures are based on the information as of the end of November 2015, which was provided by the previous owners of the Acquired Assets. ・ “Total number of tenants” is the total number of tenants stated in the lease agreement for each Acquired Asset as of the end of November 2015. If one tenant is leasing more than one rent space, the said tenant shall be counted as one in the case where the rented spaces are in the same Acquired Asset, but will be counted as separate tenants and the sum total is indicated in the case where the rented spaces cover more than one Acquired Asset. Furthermore, in cases where a pass-through type master lease agreement has been concluded for the concerned Acquired Asset, the total number of end tenants is stated. ・ “Monthly rent (including common area maintenance fee) is the total of monthly rents (including common area maintenance fee, excluding use fees for warehouses, signboards, parking lots, etc.; any free rent as of the end of November 2015 shall not be considered) indicated in the lease agreements concluded with tenants which are effective as of the end of November 2015. ・ “Security and guarantee deposits” is the sum total amount of tenant security and guarantee deposits required based on the lease agreement for the Acquired Asset as of the end of November 2015 (limited to those occupied as of the said date). For the Acquired Assets, it is the sum total amount of tenant security and guarantee deposits based on lease agreements concluded with end-tenants in cases where a master lease agreement has been concluded. d. Explanation on “Special notations” “Special notations” is concerning matters considered important in rights, use, etc. of the each Acquired Asset, as well as matters considered important in consideration of the degree of impact on valuation, profitability and disposability of the each Acquired Asset. e. Explanation on “Summary of real estate appraisal report ・ “Summary of real estate appraisal report” is based on the real estate appraisal report prepared by Daiwa Real Estate Appraisal Co., Ltd. and Japan Real Estate Institute for each Acquired Asset. ・ ”Appraisal value” is only an opinion regarding the price of the subject real estate on the date of value provided by the real estate appraiser and such who made the appraisal pursuant to the Act on Real Estate Appraisal (Act No. 152 of 1963, as amended), the Real Estate Appraisal Standards, etc. ・ Even if the same real estate is reappraised, the appraisal value may be indicated differently depending on the real estate appraiser, the method of appraisal or the timing. In addition, the concerned real estate appraisal does not guarantee or assure the possibility of transaction at the appraised valued at present or in the future. ・ There is no special vested interest between Daiwa Real Estate Appraisal Co., Ltd. or Japan Real Estate Institute, which performed the real estate appraisal, and SAR or the Asset Manager. f. Explanation on “Property information and acquisition highlight based on the survey by the Asset Manager” In “Property information and acquisition highlight based on the survey by the Asset Manager,” the Asset Manager describes basic nature, features, etc.
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